Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-5

They raised last year to upgrade the pilot plant to a demo plant which is what they are doing now. The increased spend is likely becausethey are paying for the one off extraction of a large amount of ore to feed the demonstration plant.

Part of the raise were options at 45c. If they are excercised (and a few million of them have already been excercised) there should be enough funding all the way until the financial investment decision. Joe did explicitly state in one of the Crux interviews that if there's an opportunity to acquire land for growth he will not hesitate to raise capital for that, but demo plant is funded.

So it options are excercised and there's no acquisition opportunity there a cap raise would be an unpleasant surprise. Unexpected positive news from the waste streams testwork remain a wildcard and if the testwork is successful there may be a cap raise to accelerate the development of the waste streams project.